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Israel Government has initiated talks with the Andhra Pradesh Government to sign a memorandum of understanding to facilitate joint research and development work in the information technology industry.
The focus would be on promoting small and medium enterprises and start-ups in product companies in the State.
Mr Mouneer Aghbaria, Chief of Economic Affairs at Embassy of Israel in New Delhi, held discussions with Ms K. Ratna Prabha, Principal Secretary (IT and Communications, Government of Andhra Pradesh) in this regard.
Israel, through MATIMOP (Israel Industry centre for R&D), has come out with the idea of forging joint ventures to nurture start-ups till they achieved self-sustenance. Initially, Israel proposed to invest Rs 10 crore.
It is learnt that the State Government officials put off a decision keeping in view the model code of conduct ahead of by-elections.
Earlier, Mr Mouneer Aghbaria told presspersons at the Federation of Andhra Pradesh Chambers of Commerce and Industry said the joint effort would handhold the small companies.
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